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Dive Into Understanding Business Intelligence

Dive Into Understanding Business Intelligence

What Is Business Intelligence?

BI is a business software platform used to support the decision-making process of companies. Business Intelligence can be defined as analyzing and processing a large amount of data and then converting it into knowledge-based information to support some profitable business decisions.

Data drives successful business forecasts, decisions, and strategies. A BI platform comprises of business models, data models, and reporting tools to organize and transform the data in your ERP into useful information.

Some BI terms:

  • Big Data is a collection of large and complex data sets that contains structured and unstructured data. This may be difficult to process and analyze using traditional database management tools.
  • Data Warehouse is a subject-oriented and integrated system for reporting and analyzing the data to support a decision-making process.
  • Data Mining is a process of applying some statistical techniques to a large amount of raw data and turning it into useful information.

Data Is Your Competitive Edge

Are you finding it difficult to analyze your data in various apps, spreadsheets, and databases? Tracking high volumes of customer, product, and sales information is useless unless you can streamline it to make well-informed decisions about your business quickly and easily.

Business Intelligence software pulls it together and allows you to retrieve, analyze and transform data, create manageable dashboards and generate reports to drive growth. You gain easy-to-read reports and customized dashboards that will enable your teams to explore patterns in data.

Business analytics gives a deeper understanding of your customer’s interactions with unified data across touchpoints. This becomes your competitive edge over others struggling to make sense of all their numbers.

Impact of Business Intelligence

BI software has been proven helpful for business organizations and is considered a must-have business software platform. Analytics integrated with your Enterprise Resource Planning (ERP) and other business systems provides at-a-glance views of margin performance across customers, locations, and products.

Benefits of BI Software:

  • Sales planning and forecasting
  • Customer buying history and behavior
  • Capacity and resource planning
  • Real-time sales reporting
  • Uncover rising expenses
  • Supply forecasting and monitoring
  • Identify trending product lines
  • Expose sales opportunities and losses
  • Track KPI metrics across teams
  • Align business activities, strategies, and tactics
  • Improve customer satisfaction, retention, and discounting
  • Increase employee engagement and empowerment

BI Software Implementation

Having a business intelligence strategy has become a necessity for organizations. BI implementation provides instant access to all critical data and allows you to be proactive rather than reactive in your business choices. A proper BI implementation will not only help you understand more about your customers but will also help you to increase your sales.

Implementation Steps:

  • Staff and stakeholder buy-in
  • Define objectives
  • Set measurable metrics
  • Form an implementation team
  • Research BI software
  • Define and delegate implementation tasks
  • Create a data cleansing and data analysis process
  • Test implementation and data reporting
  • Setup and train users
  • Enable teams to meet KPI goals

Digital Transformation with Business Intelligence

Create unified teams throughout your company with reliable, centralized data. Digital transformation with business intelligence gives your teams data-driven reports to set up a defined set of goals and metrics that will encourage growth and teamwork. Your teams want to trust your metrics in all avenues of your company and BI software will drive your business while giving access to a single point of reliable data.

Advantages of Digital Transformation:

  • Empowering employees
  • Engaging customers
  • Optimizing operations
  • Enhancing services and products

MITS BI by White Cup

MITS BI for distributors is a cloud platform that can scale with your business as your needs evolve and grow. Our distributor-focused analytics put the data that matters most at your fingertips with dashboards and scorecards that uncover new opportunities to increase revenue performance across all aspects of your company.

White Cup has had the advantage of working with the distribution industry for over 20 years. MITS BI is already mapped out for easy implementation and integration with your ERP. It connects with your database and immediately draws on data in your system. The White Cup team performs a thorough implementation process to ensure data matches what is shown on reports. This process takes about 2-3 weeks from setup to get your team fully running on a business intelligence software that will now give you actionable steps for increasing revenue.

Adopting an industry-specific business intelligence software platform such as MITS BI ensures an effective, easily implemented, and ready-made package just for your company.  Wholesale distribution has many uncertainties in today’s economic changes. Take control back with confidence in a data-driven strategy.

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